Interest on Security Dep.
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Interest on Security Dep. (by Maria [NJ]) Jun 24, 2019 2:56 PM
       Interest on Security Dep. (by Pat [VA]) Jun 24, 2019 3:26 PM
       Interest on Security Dep. (by Kim [TX]) Jun 24, 2019 4:10 PM
       Interest on Security Dep. (by David [MI]) Jun 24, 2019 4:22 PM
       Interest on Security Dep. (by NE [PA]) Jun 24, 2019 4:38 PM
       Interest on Security Dep. (by Tony [NJ]) Jun 24, 2019 4:40 PM
       Interest on Security Dep. (by don [PA]) Jun 24, 2019 5:31 PM
       Interest on Security Dep. (by don [PA]) Jun 24, 2019 5:31 PM
       Interest on Security Dep. (by Maria [NJ]) Jun 24, 2019 8:12 PM
       Interest on Security Dep. (by Still Learning [NH]) Jun 25, 2019 8:29 AM
       Interest on Security Dep. (by Tony [NJ]) Jun 25, 2019 10:33 AM
       Interest on Security Dep. (by Wilma [PA]) Jun 25, 2019 3:55 PM

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Interest on Security Dep. (by Maria [NJ]) Posted on: Jun 24, 2019 2:56 PM
Message:

Hello Landlords,

I am a first time landlord and never realized up until recently that I had to put my tenants security deposit into a separate savings account.

I purchased a one bedroom apartment back in 2014. One year later for job purposes I had to move out of state so I decided to just rent my apartment instead of selling it.

I had a tenant move in 2015 and they will be leaving at the end of this month. Since I made the mistake of not putting their security deposit into a separate account, I want to do the right thing and pay them with interest.

So my question is how do I find out what the banks were paying out from 2015 until 2019?

I tried calling a few banks just to get an idea of the interest during those years would be and tried Google but not really getting anywhere.

Thank you,

Maria --173.54.xxx.xxx




Interest on Security Dep. (by Pat [VA]) Posted on: Jun 24, 2019 3:26 PM
Message:

Have you seen the unit and know that the full deposit will be returned? If you have not checked for damages, I'd be waiting to make sure about that first.

Perhaps a N.J. landlord will answer with the rate of interest during that time. --71.219.xx.xx




Interest on Security Dep. (by Kim [TX]) Posted on: Jun 24, 2019 4:10 PM
Message:

What I did was look up savings interest rates for each year on the internet and added it to the deposit, year by year. Even from 2015, it won't be much- but do it anyway. --23.30.xx.xxx




Interest on Security Dep. (by David [MI]) Posted on: Jun 24, 2019 4:22 PM
Message:

the interest is so low you're not going to be out much money if you just go something on the high end, like 3% --50.4.xxx.x




Interest on Security Dep. (by NE [PA]) Posted on: Jun 24, 2019 4:38 PM
Message:

This falls under "yeah right" category. There's a lot of things in this business we're SUPPOSED to do and a lot of things in this business we never do.

You make the call on this one.

Are they asking for the interest? I've only ever paid interest ONCE and that was because they asked for it. The were pi$$ed off deadbeats I was tossing out. I then charged a handling fee that wiped out all the interest and then some.

I've never had any other tenant even ask. --174.201.xx.xxx




Interest on Security Dep. (by Tony [NJ]) Posted on: Jun 24, 2019 4:40 PM
Message:

Believe it or not the average interest has been about .007 percent - 7/10ths of 1%. It went up at the beginning of this year. If you provide the amount, month and year I'll figure it for you.

Also, in the future you must deposit this money in a separate account, or account specifically with other NJ residential security deposits. These funds must be placed in a NJ thrift institution that pays interest, ie bank, savings and loan, or credit union.

You must tell the tenant - in writing - WHERE the security is deposited within 30 days of move-in. The easiest way is to include this info as part of the written lease and have it signed.

You should also include a form known as THE LANDLORD DISCLOSURE FORM - pursuant to N.J.S 46:8-28 . Click the Link in upper left of this page Landlord/Tenant State Laws. --73.215.xxx.xx




Interest on Security Dep. (by don [PA]) Posted on: Jun 24, 2019 5:31 PM
Message:

7/10 of 1% is not .007 percent. 7/10s of one percent is .7 percent. .007 percent is 7 thousands of one percent. --70.90.xx.xxx




Interest on Security Dep. (by don [PA]) Posted on: Jun 24, 2019 5:31 PM
Message:

NJ security deposits must be kept in a bank that does business in NJ. --70.90.xx.xxx




Interest on Security Dep. (by Maria [NJ]) Posted on: Jun 24, 2019 8:12 PM
Message:

Thank you all for your responses.

In answer to some of your questions.

Tenant left apartment in great condition and cleaned.

I don't have a problem providing the interest for the security deposit.

***Tony/NJ Thank you. I would appreciate it if you can do the figures.

Security Deposit: $2812.50 - 2015 until June 30, 2019.

Thanks again! --173.54.xxx.xxx




Interest on Security Dep. (by Still Learning [NH]) Posted on: Jun 25, 2019 8:29 AM
Message:

My rates in NH ranges from .20% - .25% from 2015-2019. You can use a compounding calculator on the calculator site (havenít looked but this site may have one). Use the standard tab. Example: $2812.50, .25% compounding monthly, 54 months equals $31.82 in interest. --24.61.xxx.xx




Interest on Security Dep. (by Tony [NJ]) Posted on: Jun 25, 2019 10:33 AM
Message:

What was the move-in month in 2015? --73.215.xxx.xx




Interest on Security Dep. (by Wilma [PA]) Posted on: Jun 25, 2019 3:55 PM
Message:

I had awful tenants who got zero security deposit back. But they were owed something like 35 cents interest. My hubby sent them the coins, taped to an index card in the same envelope as their extensive list of SD deductions. Probably a stupid thing to do, but it was fun to imagine the looks on their faces. --99.203.xx.xxx



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